Luma Credit Card & Credit FAQs

If you have basic questions about your Luma credit card or about credit in general, here are some answers.

What’s an APR?

APR is an abbreviation for Annual Percentage Rate. This figure reflects the interest you’ll pay on purchases made with your credit card. By comparing different credit card APRs, you can make a more informed decision about which credit card is right for you. The lower the APR for any credit product-whether credit cards or loans-the better. Lower interest rates mean you’ll pay less interest if you carry a balance.

What are Terms and Conditions?

When you get your Luma card, the Terms and Conditions represent the agreement between you and Luma’s trusted card issuer (Capital One) governing how you use your Luma credit card.

What’s the Luma card’s credit limit?

Credit limits are the maximum amount you can borrow using a specific credit card. With the Luma card, you can benefit from a manageable credit limit of up to £1500. Credit limits vary among different credit cards and based on your individual circumstances.

What’s a minimum payment?

Your minimum payment is the smallest amount you need to pay towards your balance each month. You can see this amount on your statement. Your minimum payment varies based on your total balance. You should try to make more than your minimum payment each month so that you pay down your credit debt faster.

Why do you use credit reference agencies when I apply for my Luma card?

All reliable credit card issuers verify your application with credit reference agencies. This helps ensure that you get the right credit product for your individual circumstances. When you apply for your Luma card, we notify you that we’re going to access your credit information and obtain your permission to do so when you click “submit.”

Why is it important to have a good credit rating?

Good credit ratings help you have greater access to credit products like credit cards, loans, and mortgages. Having a good credit rating can even help you get more favourable terms for things like mobile phone contracts. Even if you don’t have a good credit rating, you can build your credit by using your Luma credit card responsibly.